Download or read book Strengthening the West African Economic and Monetary Union written by Olivier Basdevant and published by International Monetary Fund. This book was released on 2015-10-23 with total page 27 pages. Available in PDF, EPUB and Kindle. Book excerpt: West African Economic and Monetary Union (WAEMU) countries face a well-known dilemma between the need to provide shock-smoothing mechanisms and the lack of adequate mechanisms to do so. WAEMU countries are subject to frequent and, to a large extent, asymmetric shocks. They have remained poorly diversified and vulnerable to external shocks, such as changing weather conditions. In addition to limited shock-smoothing mechanisms at the regional level, WAEMU members’ ability to respond to shocks through national policies is also constrained by limited fiscal space and the need to preserve external stability—not only at the national level but also at the union level. In this context, developing a well-defined fiscal rule framework at the national level would help to build the necessary fiscal space for shock-smoothing. In addition, the development of specific shock-smoothing mechanisms—including a more developed and integrated financial sector—would also be critical. In addition, promoting financial development is also a challenge, which needs to be addressed in tandem with an adequate surveillance system. Some of these challenges have been faced by other monetary unions, such as the euro area.

Download or read book West African Economic and Monetary Union written by Patrick A. Imam and published by International Monetary Fund. This book was released on 2013-10-22 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial system in the WAEMU remains largely bank-based. The banking sector comprises 106 banks and 13 financial institutions, which together hold more than 90 percent of the financial system’s assets (about 54 percent of GDP at end-2011). Five banks account for 50 percent of banking assets. The ownership structure of the sector is changing fast, with the rapid rise of foreign-owned (pan-African) banks. This contributes to higher competition but also rising heterogeneity in the banking system, with large and profitable cross-country groups competing with often weaker country-based (and sometime government-owned) banks. Nonbank financial institutions are developing quickly, notably insurance companies, but remain overall small. This paper presents a detailed analysis of the banking system.

Download or read book West African Economic and Monetary Union written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2021-03-02 with total page 69 pages. Available in PDF, EPUB and Kindle. Book excerpt: After almost a decade of strong growth, the WAEMU region is facing severe challenges from a triple crisis impacting the health, economic and security situations. Both fiscal and monetary policies were relaxed significantly in 2020 to contain the pandemic and support the economy. A gradual fiscal consolidation is expected to start in 2021 and bring back the aggregate fiscal deficit towards the 3 percent of GDP regional ceiling within three years. Growth is expected to recover swiftly in 2021–22 to pre-crisis levels, but the economic outlook is still uncertain.

Download or read book West African Economic and Monetary Union WAEMU written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2013-04-03 with total page 106 pages. Available in PDF, EPUB and Kindle. Book excerpt: Military coups that occurred in Guinea-Bissau and Mali caused economic disruption in the WAEMU countries. Regional policies have been in line with the recommendations, and growth is expected to remain robust, risks are on the downside, and the macroeconomic policy is appropriate. Preserving debt sustainability and stability of the Union in the medium term requires better coordination of fiscal policies. Development of the financial system, and strengthening of the regulatory and supervisory framework is necessary to address existing and new risks.

Download or read book The External Sector of Africa s Economy written by Diery Seck and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The book examines various aspects of Africa's external economy by focusing on regional monetary arrangements and how they are affected by devaluation episodes. It investigates the relationship between current account balances, trade balances and trade openness with respect to regional integration and regional growth patterns, discusses obstacles to a successful regional integration and paths to structural transformation, and studies the impact of economic partnership on inclusive development. The book addresses researchers and policymakers interested in development economies and African economic development.

Download or read book The Monetary Geography of Africa written by Paul R. Masson and published by Rowman & Littlefield. This book was released on 2004-11-30 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt: Africa is working toward the goal of creating a common currency that would serve as a symbol of African unity. The advantages of a common currency include lower transaction costs, increased stability, and greater insulation of central banks from pressures to provide monetary financing. Disadvantages relate to asymmetries among countries, especially in their terms of trade and in the degree of fiscal discipline. More disciplined countries will not want to form a union with countries whose excessive spending puts upward pressure on the central bank's monetary expansion. In T he Monetary Geography of Africa, Paul Masson and Catherine Pattillo review the history of monetary arrangements on the continent and analyze the current situation and prospects for further integration. They apply lessons from both experience and theory that lead to a number of conclusions. To begin with, West Africa faces a major problem because Nigeria has both asymmetric terms of trade—it is a large oil exporter while its potential partners are oil importers—and most important, large fiscal imbalances. Secondly, a monetary union among all eastern or southern African countries seems infeasible at this stage, since a number of countries suffer from the effects of civil conflicts and drought and are far from achieving the macroeconomic stability of South Africa. Lastly, the plan by Kenya, Tanzania, and Uganda to create a common currency seems to be generally compatible with other initiatives that could contribute to greater regional solidarity. However, economic gains would likely favor Kenya, which, unlike the other two countries, has substantial exports to its neighbors, and this may constrain the political will needed to proceed. A more promising strategy for monetary integration would be to build on existing monetary unions—the CFA franc zone in western and central Africa and the Common Monetary Area in southern Africa. Masson and Pattillo argue that the goal of a creating a s

Download or read book Strengthening the WAEMU Regional Fiscal Framework written by Mr. Antonio David and published by International Monetary Fund. This book was released on 2022-03-04 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper assesses the adequacy and effectiveness of the WAEMU fiscal framework along three pillars that have proven to effectively support fiscal discipline in monetary unions—common fiscal rules (including adequacy of numerical ceilings as well as elements of design and enforcement), shared public financial management systems, and coordination mechanisms for decentralized fiscal policies. We undertake a calibration of regional debt and fiscal deficit ceilings taking into account different macroeconomic tradeoffs and risks and conclude that numerical ceilings that prevailed before the suspension of the fiscal rules remain adequate and strike the right balance between growth and fiscal sustainability. The paper also proposes reform options to strengthen the WAEMU regional fiscal surveillance framework, with a view to more effectively supporting fiscal discipline.

Download or read book The CFA Franc Zone written by Ali Zafar and published by Springer Nature. This book was released on 2021-05-11 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides an empirical analysis of economic and political structures impacting the CFA franc zone. Concise and practical chapters explore the history of the CFA franc zone, challenges to development, geopolitical issues, the importance of flexible exchanges rates, growth trends, and the impact of the Covid crisis. Policy reform is examined to detail economic approaches that could reduce poverty and increase the quality of life within the area. This book aims to present a macroeconomic and exchange rate framework to promote development and post-Covid recovery within the CFA franc zone. It will be of interest to students, researchers, and policymakers involved in African economics, the political economy, and development economics.

Download or read book Banking in Africa Delivering on Financial Inclusion Supporting Financial Stability written by European Investment Bank and published by European Investment Bank. This book was released on 2018-11-21 with total page 277 pages. Available in PDF, EPUB and Kindle. Book excerpt: In its fourth edition, this report focuses on recent developments in Africa's banking sectors and the policy options for all stakeholders. The study of banking sectors across all African sub-regions includes the results of the EIB survey of banking groups operating in Africa. Three thematic chapters address challenges and opportunities for financing investment in Africa: Crowding out of private sector lending by public debt issuance The state of bank recovery and resolution laws in Africa Policy options on how to finance infrastructure development. The report finds that in many African banking markets, the last two years saw a pause in financial deepening. However, a rising share of banking groups report improving market conditions and plan a structural expansion of their operations in Africa and a continued push for new technologies.

Download or read book West African Economic and Monetary Union Financial Sector Assessment Program Detailed Assessment Report on the Basel Core Principles for Effective Banking Supervision written by International Monetary Fund. Monetary and Capital Markets Department and published by International Monetary Fund. This book was released on 2022-12-14 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: The BCEAO has conducted a comprehensive reform during the past five years. The regulatory and prudential framework were aligned with international standards and the conditions for supervision have been strengthened, although the efforts must be continued (liquidity ratio/net stable funding ratio and tools for monitoring liquidity, transfers of ownership, acquisitions of holdings, guidelines on nonperforming claims, and anti-money laundering and combating the financing of terrorism—AML-CFT). The transition to Basel III has made it possible to incorporate additional capital requirements, while the rules applicable to credit institutions were upgraded with the 2017 publication of four circulars on governance, risk management, internal supervision, and compliance.

Download or read book Monetary Union in West Africa ECOWAS written by Paul R. Masson and published by . This book was released on 2001 with total page 46 pages. Available in PDF, EPUB and Kindle. Book excerpt: In April 2000 six West African countries declared their intention to proceed to monetary union among the non-CFA franc countries of the region by January 2003, as a first step toward a wider monetary union including all the ECOWAS countries in 2004. The purpose of this paper is to evaluate whether a monetary union makes economic sense, to discuss the institutional requirements for successful monetary union and to consider how best the political momentum for a union can be channeled toward a fundamental improvement in underlying policies.

Download or read book West African Economic and Monetary Union Discussions with Regional Institutions Staff Report and the Executive Director s Statement written by International Monetary Fund and published by International Monetary Fund. This book was released on 2011-01-07 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.

Download or read book West African Economic and Monetary Union written by International Monetary Fund and published by International Monetary Fund. This book was released on 2011-05-06 with total page 67 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 2010, average inflation has remained low in all West African Economic and Monetary Union (WAEMU) countries, but has edged up in the second half of the year. After a moderate fiscal easing by about 11⁄2 percentage points of GDP in 2009, mostly the result of higher capital spending, the area-wide average deficit is estimated to have declined slightly to 3.1 percent of GDP in 2010. A compression of imports in 2009, the region’s external current account deficit is estimated to have returned to about 51⁄2 percent of GDP in 2010.

Download or read book The Oxford Handbook of Comparative Regionalism written by Tanja A. Börzel and published by Oxford University Press. This book was released on 2016 with total page 705 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Oxford Handbook of Comparative Regionalism - the first of its kind - offers a systematic and wide-ranging survey of the scholarship on regionalism, regionalization, and regional governance. Unpacking the major debates, leading authors of the field synthesize the state of the art, provide a guide to the comparative study of regionalism, and identify future avenues of research. Twenty-seven chapters review the theoretical and empirical scholarship with regard to the emergence of regionalism, the institutional design of regional organizations and issue-specific governance, as well as the effects of regionalism and its relationship with processes of regionalization. The authors explore theories of cooperation, integration, and diffusion explaining the rise and the different forms of regionalism. The handbook also discusses the state of the art on the world regions: North America, Latin America, Europe, Eurasia, Asia, North Africa and the Middle East, and Sub-Saharan Africa. Various chapters survey the literature on regional governance in major issue areas such as security and peace, trade and finance, environment, migration, social and gender policies, as well as democracy and human rights. Finally, the handbook engages in cross-regional comparisons with regard to institutional design, dispute settlement, identities and communities, legitimacy and democracy, as well as inter- and transregionalism.

Download or read book Strengthening Popular Participation in the African Union written by Oxfam and published by African Books Collective. This book was released on 2010 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: The African Union (AU) has committed to a vision of Africa that is "integrated, prosperous and peaceful ... driven by its own citizens, a dynamic force in the global arena" (Vision and Mission of the African Union, May 2004). Strengthening Popular Participation in the African Union aims to take up the challenge of achieving this vision. It is a tool to assist activists to engage with AU policies and programmes. It describes the AU decision-making process and outlines the roles and responsibilities of the AU institutions. This guide aims to help those organizations that wish to engage the AU but do not currently know where to start by providing an outline of the key institutions and processes and suggesting ways to influence them. The guide is divided into three sections: *Part 1: A description of AU organs and institutions. *Part 2: Suggestions on how to influence AU decisions and policy processes. *Part 3: A summary of the debate to restructure the AU into a "Union Government."

Download or read book The External Sector of Africa s Economy written by Diery Seck and published by Springer. This book was released on 2019-04-05 with total page 243 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book examines various aspects of Africa's external economy by focusing on regional monetary arrangements and how they are affected by devaluation episodes. It investigates the relationship between current account balances, trade balances and trade openness with respect to regional integration and regional growth patterns, discusses obstacles to a successful regional integration and paths to structural transformation, and studies the impact of economic partnership on inclusive development. The book addresses researchers and policymakers interested in development economies and African economic development.

Download or read book Managing Public Debt Formulating Strategies and Strengthening Institutional Capacity written by International Monetary Fund and published by International Monetary Fund. This book was released on 2009-04-03 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: In May 2007, the IMF and World Bank Boards discussed the paper "Strengthening Debt Management Practices: Lessons from Country Experiences and Issues Going Forward". In those discussions, the Boards of both institutions endorsed a public debt management (PDM) work program that was particularly focused on strengthening frameworks and capacity in low-income countries (LICs). This comprised three main elements: (i) develop a toolkit to help LICs formulate an effective Medium-Term Debt Management Strategy (MTDS) and apply it in 4–6 countries a year; (ii) undertake debt management performance assessments; and (iii) continue the provision of debt management and domestic market development technical assistance (TA) and advisory services to middle-income countries (MICs). This paper is a response to the Boards' request for an update on the development and implementation of that work program. Developing a Medium-Term Debt Management Strategy (MTDS)— Guidance Note for Country Authorities Debt Management Performance Assessment Tool (DEMPA) Developing a Medium Term Debt Management Strategy: User Guide and Analytical Tool — In March 2009, the Executive Boards of the World Bank and the IMF endorsed the Medium Term Debt Management Strategy (MTDS) Framework developed by IMF and World Bank staff to help countries elaborate effective debt management strategies. The MTDS framework and toolkit comprises two elements: An operational guidance note (GN) and a spreadsheet-based analytical tool (AT). The GN provides practical guidance on the process of developing an effective MTDS, describing each step involved, while the AT provides quantitative analysis to guide the MTDS decision-making process.